Escrow and prorations

Question 1

Owing payment on things for which one has the use of but has not yet paid for, such as property taxes that are paid behind, or the state of being in this

Answer 1

Arrears

Question 2

A detailed accounting of a real estate transaction, usually prepared by the escrow company, showing cash received and dispersed as well as buyer and seller debits and credits

Answer 2

Closing statement – also called settlement statement

Question 3

Hey system in which things of value are held on behalf of the parties to a transaction buy a disinterested third-party until the specified condition have all been met

Answer 3

Escrow

Question 4

A neutral clearinghouse through which title to real property is closed and or escrow funds are held in trust

Answer 4

Escrow company

Question 5

The person in charge with coordinating the activities and documentation necessary for completing a real estate transaction; usually the one who assists in preparing the settlement statement and conducting the closing

Answer 5

Escrow officer – also called closing officer, settlement officer, escrow agent, or closing agent

Question 6

The allocation of expenses, real estate taxes, or rents between buyer and seller in proportion to their actual use of the item

Answer 6

Proration